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Ecobank Group posts 9% growth in revenue to N642 Bln in 2020 FY

By on March 23, 2021 0 175 Views

Ecobank Group has recorded a revenue of N641.8 billion for the year ended December 31, 2020, representing nine percent increase compared with N586.9 posted in the corresponding period of 2019.

In its audited report submitted to the Nigeria Exchange Limited on Tuesday, the pan-African bank also recorded superlative performance in other key financial indices despite the harsh operating environment during the period.

Summary of the report showed that gross earnings was down marginally by 0.16 percent to N841.1 billion from N842.5 billion in 2019.

The operating income before impairment losses increased by 20 percent, from N198.6 billion to N239.1 billion during the year under review.

Also, total assets of the bank nudged up to N10.4 trillion in the year ended from N8.6 trillion in the corresponding year of 2019, representing 20 percent increase.

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“This is a reflection of the power of our pan-African diversified one-bank business model,” says Ade Ayeyemi, Ecobank Group CEO.

Ayeyemi further said: “2020 was a year which tested the resilience of the human spirit in rising to the many challenges as governments, businesses and households’ unrelentingly strove to keep citizens, clients and loved ones safe.

“I am proud of Ecobankers’ hard work and continued service to our customers and the support we provide to the communities we serve.”

Other results of the bank show profit before goodwill impairment went down by 12 percent to N129.1 billion as against N 146.5 billion recorded in the corresponding period of 2019.

The bank Profit Before Tax (PBT) fell 54.53 percent to N66.6 billion from N146.5 billion reported in 2019.

While Profit after tax closed at N33.7 billion during the year under review.

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